AML

Promontory Financial vowed to take the New York Department of Financial Services to court after it effectively banned the consulting firm from working on regulatory issues for banks the department supervises.

The Justice Department is investigating whether Citigroup let customers move illicit cash through its Mexico unit, setting the bank's biggest international operation in the path of an expanding money-laundering probe.

Connecting disparate payment platforms is the Holy Grail of cryptocurrencies. The path to building such a system is not always clear, but must start at the core of the protocol.

Discover Financial Services in Riverwoods, Ill., continued its run of quarterly profit declines in the second quarter, due primarily to higher costs for compliance, marketing and customer rewards.

Buyout heavyweight Accel-KKR just bought a stake in Banker's Toolbox, a software company that helps community banks flag fraud. The PE firm says it was on the hunt for investments in the compliance space given the regulatory climate.

WASHINGTON — The Federal Deposit Insurance Corp. issued a $140 million enforcement action against Banamex USA, a Citigroup subsidiary, on Wednesday for having Bank Secrecy Act and anti-money laundering deficiencies.

Two Florida men with connections to a $200,000-asset New Jersey credit union are being investigated by the FBI for running an unlicensed Bitcoin exchange for the purposes of money laundering.

The Federal Reserve Board issued an enforcement action against one of the biggest banks in China on Tuesday, ordering its New York branch to undergo broad restructuring of its anti-money-laundering compliance program.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ways to make megabanks pay for their “too big to fail” subsidy and how banks can help put an end to human trafficking.

Financial monitoring is one of the most effective ways to identify human traffickers. That's why it's crucial that banks work closely with law enforcement officials to put a stop to this criminal activity.